TerrAscend Corp. is the latest marijuana multistate operator to announce a plan to stop paying taxes owed under Section 280E of the Internal Revenue Code, and an executive hinted at the company’s legal basis for doing so.
Executive Chair Jason Wild said the company has “changed our tax position related to the applicability of Section 280E, which will result in amended returns and expected refunds of approximately $26 million.”
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TerrAscend has reclassified $59.2 million worth of tax liabilities on its balance sheet as of the end of 2023, Chief Financial Officer Keith Stauffer said during the company’s fourth-quarter earnings call late Thursday.
Those liabilities have been marked as “long term liabilities and an uncertain tax position on our balance sheet,” he said.
Stauffer
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